BNB, VET, RNDR and KAS flash as Bitcoin bulls battle to hold $52k

Bitcoin (BTC) exchange-traded funds (ETFs) that entered the space between February 12 and February 16 rose by $2.2 billion, reflecting investor appetite. BlackRock's iShares Bitcoin Trust (IBIT) attracted $5.2 billion in year-to-date inflows, “about 50% of BlackRock's total net ETF inflows, out of 417 ETFs,” according to Bloomberg analyst Eric Balchunas on XPost.

Bitcoin continued its rally this week, up 7%, but the bulls are facing strong resistance around $52,000. One of the latest concerns is the sale of nearly $1.3 billion in Greyscale Bitcoin Trust shares by bankrupt crypto-lending firm Genesis to repay creditors.

If Bitcoin consolidates in the short term, the action may shift to altcoins. Select altcoins that have broken above their respective profit protection levels over the past few days may see a continuation of the rally.

Could Bitcoin Avoid a Short-Term Selloff? If so, let's take a look at the charts of the 5 best cryptocurrencies that can extend their upward movement.

Bitcoin price analysis

Bitcoin was exposed to a sell-off near $52,000. The bears tried to sink the price below $50,000 on February 17, but the long tail on the candlestick indicates strong buying on dips.

A shallow correction from the $52,000 resistance shows that the bulls will not take profits in a hurry as they expect the growth to continue. If the price breaks down and stays above $52,000, the BTC/USDT pair may begin its journey north to $60,000.

A small risk to the continuation of the rally is that the Relative Strength Index (RSI) remains in the overbought region for some time. This shows that in the near future the rally may be overheated.

The bears need to break below the 20-day exponential moving average ($47,809) to signal the start of a correction phase. The pair may slide towards the 50-day simple moving average ($44,441).

The bears pushed the price below the 20-EMA on the 4-hour chart but failed to sustain lower levels. This shows that the bulls are trying to maintain the level effectively. Buyers need to overcome the hurdle of $52,817 to increase the chance to increase to $55,000.

If the bears want to prevent an uptrend, they need to pull the price below the moving average. The pair could fall to the $48,970 mark. The bulls will try to maintain this level, but if their efforts fail, the pair may drop to $47,000 and eventually to $44,700.

BNB price analysis

BNB (BNB) is at an all-time high, but the rally is facing headwinds near strong resistance at $360. A small positive thing is that the bulls did not give ground to the bears.

The rising 20-day EMA ($328) and the RSI near the overbought range indicate that the path of least resistance is up. If buyers find a price above $360, the BNB/USDT pair may start the next round trip to $400. This level can be a difficult barrier to cross, but if it is broken, the next stop could be $460.

Conversely, if the price closes below $348, short-term traders can book profits. That could initiate a correction to the 20-day EMA and then to the 50-day SMA ($313). A short-term trend reversal is signaled if the pair closes below the 50-day SMA.

The bulls are trying to defend the 20-EMA on the 4-hour chart, but the bears continue to push. If the price changes from the current level, the bulls will try to push the pair to $366. A break above this resistance indicates a resumption of the uptrend. Then the pair can rise to 400 dollars.

Conversely, if the price is below the 20-EMA, it indicates that the bears have returned. The pair may fall towards the 50-SMA.

Caspian price analysis

Caspa (KAS) rose above $0.15 overhead resistance on February 17, indicating a resumption of the uptrend.

The uptrending 20-day EMA ($0.13) shows an advantage for buyers, but the overbought levels on the RSI suggest that the rally could be accelerated in the near term. If the price declines from the current level, it is likely to find support at $0.15. A strong bounce back from this level will push the rally to $0.20.

On the other hand, if the price declines significantly and breaks below $0.14, it indicates that the uptrend is over in the near term. The KAS/USDT pair may drop to the 50-day SMA ($0.11).

The 4-hour chart shows that the pair is facing resistance at $0.17, but a positive sign that the bulls have not allowed the price to drop below the 20-EMA. Upward moving averages and RSI near the overbought zone indicate the advantage for buyers. If the price rises above $0.17, it may continue to rise to $0.20.

In any correction, the buyers are expected to defend the zone between 20-EMA and 50-SMA. A break below the 50-SMA could suggest the bears are back in the driver's seat.

RELATED: BTC Price Drops By $52K As CME Bitcoin Futures Hit Record $6.8B

VeChain price analysis

VeChain (VET) gained momentum after breaking above the 50-day SMA ($0.03) on February 12, indicating strong buying by bulls.

The VET/USDT pair broke the resistance above $0.04 on February 15, indicating the start of the next leg of the rally. However, the long wick on the February 16 candlestick shows that the bears are trying to stop the move near $0.05.

If buyers do not give more space, the possibility of continuing to move up increases. If the price closes above $0.05, the pair may rise to $0.07.

Contrary to expectations, if the price is low and breaks below $0.04, it shows that the bulls are rushing to the exit. The pair may then fall to moving averages.

The bulls are trying to pull back at the 20-EMA on the 4-hour chart. If the price changes from the current level and breaks above $0.05, the sentiment will remain positive and traders will continue to buy dips.

Instead, if the price breaks below the 20-EMA, bulls suggest profit booking. If the price is below the 20-EMA, the pair may move down to the 50-SMA. A deeper decline could delay the start of the next leg of the rally.

Provide a price analysis

Render (RNDR) closed above the overhead resistance of $5.28 on February 15, indicating a bullish resumption.

The bears tried to bring the price back below the conflict level on February 17, but the bulls held their position. This indicates that the buyers are trying to turn the $5.28 level into support. If they succeed, the RNDR/USDT pair could rise to the $7 pattern target.

The rally of the past few days has pushed the RSI into the overbought zone, indicating that a minor correction or consolidation is possible. A break and close below $5 would be a sign of weakness and could trap aggressive bulls. The pair can jump to the 50-day SMA ($4.34).

The moving averages on the 4-hour chart are sliding up, and the RSI is around 60, indicating that the bulls are dominant. If the price rises above $5.71, the pair could rally to $6. If the price stays above the 20-EMA, the trend will be in favor of the bulls.

The RSI is forming a negative divergence, indicating that the momentum may be slowing. If the price slips below the 20-EMA, the decline may reach the 50-SMA. A break below this level could open the doors to a fall to $4.40.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.